Karachi [Pakistan], Pakistan's total debt has reached a new high, reaching PKR 67.816 trillion by May 2024, according to an ARY News report citing the State Bank of Pakistan (SBP).
Central bank data reveals a significant 15 percent increase in the federal government's total debt over the past year, marking an addition of PKR 8.852 billion. As of May 2023, total debt amounted to PKR 58.964 billion, increasing to PKR 66.086 billion in April 2024.
Pakistan's domestic debt has also soared to a record level of PKR 46.208 billion, reflecting the current fiscal challenges. Meanwhile, 'Naya Pakistan Certificates' saw a notable 37.51 percent decline in annual debt, amounting to PKR 87 billion. Additionally, the federal government's external debt saw a slight decline of 1.4 percent from PKR 21.908 billion to PKR 21.608 billion, ARY News reported.
Earlier reports from the Finance Ministry highlighted Pakistan's growing fiscal pressures and revealed that the country shelled out PKR 5.517 trillion for debt servicing in the first nine months of fiscal year 2023-24. This included PKR 4,807 billion for domestic debt servicing and PKR 710 billion for international debt obligations.
The fiscal operation report for the July-March period revealed that the gross revenue of the federal government reached PKR 9.1 trillion. Of this amount, PKR 3.8 trillion was allocated to the provinces under the National Finance Commission (NFC) Award, leaving the net revenue at PKR 5.3 trillion.
Under the NFC award, Punjab received PKR 1.865 billion during July-March of fiscal year 2023-24, while Sindh got PKR 946 billion. Khyber Pakhtunkhwa (KP) and Balochistan received PKR 623 billion and PKR 379 billion, respectively, from the divisible fund, ARY News reported.
The latest figures underscore Pakistan's growing debt burden amid efforts to manage fiscal stability and meet financial obligations both domestically and internationally.
Central bank data reveals a significant 15 percent increase in the federal government's total debt over the past year, marking an addition of PKR 8.852 billion. As of May 2023, total debt amounted to PKR 58.964 billion, increasing to PKR 66.086 billion in April 2024.
Pakistan's domestic debt has also soared to a record level of PKR 46.208 billion, reflecting the current fiscal challenges. Meanwhile, 'Naya Pakistan Certificates' saw a notable 37.51 percent decline in annual debt, amounting to PKR 87 billion. Additionally, the federal government's external debt saw a slight decline of 1.4 percent from PKR 21.908 billion to PKR 21.608 billion, ARY News reported.
Earlier reports from the Finance Ministry highlighted Pakistan's growing fiscal pressures and revealed that the country shelled out PKR 5.517 trillion for debt servicing in the first nine months of fiscal year 2023-24. This included PKR 4,807 billion for domestic debt servicing and PKR 710 billion for international debt obligations.
The fiscal operation report for the July-March period revealed that the gross revenue of the federal government reached PKR 9.1 trillion. Of this amount, PKR 3.8 trillion was allocated to the provinces under the National Finance Commission (NFC) Award, leaving the net revenue at PKR 5.3 trillion.
Under the NFC award, Punjab received PKR 1.865 billion during July-March of fiscal year 2023-24, while Sindh got PKR 946 billion. Khyber Pakhtunkhwa (KP) and Balochistan received PKR 623 billion and PKR 379 billion, respectively, from the divisible fund, ARY News reported.
The latest figures underscore Pakistan's growing debt burden amid efforts to manage fiscal stability and meet financial obligations both domestically and internationally.